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Pro Tip: Timestamps below are clickable. Click on the time below in the brackets and the audio will start playing at that part of the show.

Stephonee is a mom, a wife and a personal friend. She blogs over at PoorerThanYou.com where she talks all about money- where to start if you’re clueless and what you can do if you want to invest/save. Although not in a financial career, she has lot of experience- mainly starting where she ran out of money and had to drop out of college. Today, she sits with a net worth of over $100K.

Welcome!

[2:53] Your website, poorerthanyou has been around for quite some time. Tell us your backstory and how you started.● I learned about personal finance blogging in college when I was so broke● She figured out that she didn’t have enough money to stay in college, dropped out of it and decided to write about it so people can follow along my journey● Net worth started at negative $26k when she was 20; took 12 years to turn around at 32 now● She ended up going back to school so had to take out more student loans.

[5:43] What are the options when you move from one job to another with your 401K? What should you do? ● Stephonee had a great job, her dream job and but got laid off but she ended up working for a 401k administrator in her new job● The easiest thing to do is to roll into new 401k to keep everything consolidated in one bucket● You can also roll your 401k into an IRA; the downside is that if you do get sued, money in IRAs can be included in your personal assets● If you already have an IRA, don’t roll your existing 401k over into your existing IRA, so don’t co-mingle your assets

[9:6] Do you have any specific steps as to HOW you do that? ● The administrator or company that runs your 401k or 403b, call them (whoever is gonna have the money), normally you will have to fill in a form.

[11:55] We had a listener write in that she is moving countries- do you have any advice as to what she could/ should be doing with her American retirement plan? ● You pretty much can’t, the money is sheltered from US taxation● You will be charged for early withdrawal● They could roll it into a traditional IRA as it can allow withdrawals without penalty, one is an education exclusion

[17:38] We’ve talked about it before on Chain of Wealth but, if a person’s job does not offer a 401K – what other retirement options are out there?● You should be looking into IRAs● If your health plan is a high deductible account, as long as your plan qualifies, you can open a HSA on your own● Your best bet is often to convince your company to get a 401k if you are working for a small company● 44 Million people in the gig economy (1099s), you are eligible to open a solo 401k on your own

[23:18] You’ve recently started a new project on-line called the Money-Middletons, how is this different to what is already in the blogosphere?● Stephonee has heard a ton of people in the realm of “I can’t afford this”.● There’s a ton of great retirement advice out there if you are able to max you retirement accounts, but the people in the middle are often left out.● She started a blog to share posts that will help people

As promised to be included in this series on retirement, here are facts that you need to know about Traditional and Roth IRA, as the two most popular types of IRAs. Check this episode and learn more about your journey to financial freedom.

Damion Lupo is the author of many books but we are going to talk mostly about his book called The QRP book today. Damion has actually appeared on the show before, where he has talked about how he went from being a multi-millionaire to being broke and building his net worth back up again.

Here’s what you should and shouldn’t be doing with your 401k. Based on the recent poll we did, you guys wanted to know about 401k as a retirement plan so here are the eye opening facts from our research.

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